A new rule change is coming into force that will effect homeowners with a existing mortgage and those looking to take out a mortgage on a new home.
The Bank of England has confirmed that the affordability test for mortgage lending will be scrapped from August 1 which will allow homeowners to borrow more money.
The affordability test was first introduced back in 2014 alongside the loan-to-income (LTI) limit which help lenders consider a potential borrower's ability to repay a mortgage back over a set length of time.
The rules were introduced to ensure borrowers didn't get into debt, but despite the current cost of living crisis, the affordability test has now been relaxed.
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